Loans for older boats

[JMill]

Hi guys, I'll soon be in the market to upgrade to a bigger, more betta boat. I'm curious as to how the financing goes for older boats? I wouldn't want anything older than say, a 2000 model or so, but it's not hard to find a 2004-2006 model for around 15,000+. I'm just really torn between buying a nice used rig or going new. I don't know which route to go. Any insight will be greatly appreciated! Thanks, Jon

[reclending.com]

Hi guys, I'll soon be in the market to upgrade to a bigger, more betta boat. I'm curious as to how the financing goes for older boats? I wouldn't want anything older than say, a 2000 model or so, but it's not hard to find a 2004-2006 model for around 15,000+. I'm just really torn between buying a nice used rig or going new. I don't know which route to go. Any insight will be greatly appreciated! Thanks, Jon

First off, I believe seeing "betta" used properly in a sentence is a first for me. (JK) We do have lenders that will look in those model years for lending money. There is normally not enough difference between new and used when it comes to financing. Rates are set by buyers history and term is generally based on the amount borrowed.
Let me know how we can help.
No offence intended with the "betta" comment. The other I like is "juicy" in place of "did you see". Like "juicy that?".
Have a good day.
Ken

[JMill]

That's good news Mr. Ken. I appreciate the reply and will get with you soon. No offence taken buddy

[fencepanda]

Check into a credit union. I just purchased my first boat. It's an '11 model. Got a rate under 4% for 10 years. Plan on paying it off early but didn't want high monthly payments. Like Ken said above, your credit will determine your interest rate.

[eliteangler]

Check into a credit union. I just purchased my first boat. It's an '11 model. Got a rate under 4% for 10 years. Plan on paying it off early but didn't want high monthly payments. Like Ken said above, your credit will determine your interest rate.

Did you have to have excellent credit? My credit isn't bad, but I wouldn't call it excellent.

[fencepanda]

My credit is on the higher end. I checked a few places and even did one of those where multiple places email you with their offer(do not do this). Nothing came close to the credit union I went with.

[RazorCat]

Credit Unions offer the best rates I’ve found for loans on used boats. Bought mine used and got 1.99% loan rate.
Check around, and open an account with a local CU that offers low rates. Deposit a little money in checking or a money market account to establish membership.